BROADRIDGE FINANCIAL SOLUTIONS $37.25 (New York symbol BR; TSINetwork Rating: Extra Risk) (201-714-3000; www.broadridge.com; Shares outstanding: 119.2 million; Market cap: $4.5 billion; Dividend yield: 2.3%) serves the investment industry in three main areas: investor communications, securities processing and transaction clearing. It processes 90% of all proxy votes in the U.S. and Canada.
Without one-time items, the company earned $31.2 million in its fiscal 2014 second quarter, which ended December 31, 2013. That’s up 43.1% from $21.8 million a year earlier. Earnings per share rose 47.1%, to $0.25 from $0.17, on fewer shares outstanding.
Overall revenue gained 5.6%, to $520.6 million from $493.2 million. Revenue from contracts that pay recurring fees rose 9% and accounted for two-thirds of the total. The remaining third comes from one-time events, such as special shareholder meetings and distributing information when mutual funds change managers.
Excluding unusual items, Broadridge now expects to earn $2.15 to $2.25 a share in fiscal 2014, up from its earlier forecast of $2.00 to $2.10. The stock trades at a reasonable 18.2 times the midpoint of the new range.
The company’s long-term debt of $524.1 million is a low 11.6% of its market cap, and it holds cash of $240.3 million, or $2.02 a share. The stock yields 2.3%.
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